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GW Pharmaceuticals PLC- ADR (NASDAQ:GWPH) Reacquires Full Rights To Advance And Commercialize Sativex® in United States

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GW Pharmaceuticals PLC- ADR (NASDAQ:GWPH) reported the termination of its earlier license deal with Otsuka Pharmaceutical Co., Ltd. pertaining to Sativex® in the United States. As a result, the company has now reacquired full stake of the commercialization and development rights to the product in the United States market without doing any upfront payment to Otsuka.

The company has agreed for provisional milestone payments to Otsuka, the preliminary of which would get due upon FDA nod of Sativex and subsequently additional payments would become outstanding upon the attainment of certain yearly sales thresholds of Sativex in the U.S.

The details

Justin Gover, the CEO of GW Pharmaceuticals, reported that they are delighted to have amicably reached this deal with Otsuka, which allows them to advance, seek nod for, and commercialize Sativex in the U.S. They have previously performed numerous positive Phase II and III studies for Sativex and consider that this product exhibits a vital new late-stage pipeline prospect for company in the U.S. market.

Sativex marks as an oromucosal spray of a made extract that comprises the principal cannabinoids cannabidiol and delta-9-tetrahydrocannabinol in a 1:1 ratio. It is currently permitted in 29 nations outside the U.S. for the cure of spasticity in people with multiple sclerosis. Otsuka and GW Pharmaceuticals originally finalized a licensing deal in 2007 under which GW Pharmaceuticals granted Otsuka a license to advance and market Sativex in the United States. The two firms performed a clinical trials plan in the cure of cancer pain, in which the studies failed to meet the primary endpoint.

Established in 1998, GW Pharmaceuticals is a biopharma firm focused on developing, commercializing and discovering novel therapeutics from its cannabinoid product platform in an extensive range of disease areas. The company is working on an orphan drug program in the segment of childhood epilepsy with utmost focus on Epidiolex.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of MMJReporter.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

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